Bill 55: Multiple offers, bully offers, phantom offers, learn more here about the amendment to the Bill to protect buyers and sellers. The changes are intended to increase the transparency of the offer process.
Here is an outline of the changes:
- Offers must be made in writing. A written offer must be signed to be valid.
- A registrant cannot indicate that they have an offer, unless they have a written offer.
- The seller’s brokerage must keep a record of all written offers that it receives.
- RECO is developing a process to confirm the number of offers that were received for a property.
The changes stem from Bill 55, the Stronger Protection for Ontario Consumers Act, 2013.